EFG Hermes has 3 IPOs lined up this year

January 29, 2014 12:00 am

Egypt’s largest investment bank, EFG Hermes has announced it is lining up IPOs for three firms, worth a combined $300m-plus this year, the first on the Cairo exchange since before the fall of Hosni Mubarak in 2011, Reuters has reported. “The IPOs will hopefully happen this year”, EFG Hermes’ co-chief executive officer, Karim Awad, told the news service. “The exact timing in the year will be agreed with the companies who are undertaking the IPOs and considering the state of the financial markets.” The last IPO on the Egyptian exchange was in 2010.